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Item #14 City Commission Selection of the Preferred Option for Providing Temporary Housing for the Human Resources Department Pending Construction of a New City Hall
ocoee florida AGENDA ITEM COVER SHEET Meeting Date: September 18, 2018 Item # /1/ Reviewed By: �/ Contact Name: Al Butler, Support Services Department Director: ,`'/r, Contact Number: 407-554-7063 City Manager: Subject: City Commission selection of the preferred option for providing t: porary housing for the Human Resources Department pending construction of a new City Hall. Background Summary: Providing housing for the HR staff is the first step in building a new City Hall. The City Employee Clinic is presently located on the property needed to construct the new City Hall. Thus, the clinic must be relocated to make room for City Hall construction, which is anticipated to start in March 2019. The site selected for the future clinic is the western end of the City Hall Annex building, which is the space currently occupied by the City Commission offices and the city's Human Relations Department. This means that the first step in constructing the new City Hall is relocating the Human Relations Department to a temporary location in time to allow reconstruction of the space so the clinic can be relocated prior to March 2019. While construction documents were being prepared for remodeling the current HR space to house the clinic, city staff searched for suitable property to provide the required temporary space for the HR staff. Staff looked at repurposing existing city-owned buildings, renting empty space at the West Oaks Mall ($133,340), renting existing available office space ($52,000-$102,000), and using portable units ($71,140). All of these options presented a relative significant expense with no tangible asset being acquired. There is also the potential to remodel space on the east end of the City Hall Annex at a cost of $18,000 to house HR staff now and staff of the Parks & Recreation Department in the future (this department is not relocating to the new City Hall). The city may also need to find an alternative storage space for files from the City Clerk's office that are presently kept in other space needed for the HR staff, should this option be chosen. Recently, another option has been presented. Property owned by RKF Franklin Street Properties, LLC at the eastern end of McKey Street has been offered to the city for a net price of $250,000, with the city paying closing costs. This property contains four of the original Marion Park Subdivision lots (Lots 9-12 in Block "G") with a total land area of 0.56 acre and a single-family residence containing 1,175 SF of living area plus a carport. The property is presently leased to a tenant. The subject property is the largest private landholding along Lakeshore Drive. The transfer of ownership would occur on February 1, 2019; however, the city can take possession of the property November 1, 2018, with the concurrent departure of the tenant. Using the subject property for temporary housing of the city's HR staff will cost significantly less than 1 simply leasing office space elsewhere and provide the city with a tangible asset. Longer term, the site could serve as an extension of Lakefront Park; however, any such future use would have to be reviewed and approved by the City Commission. (This future use is presently outside the funded portions of the Lakefront Park Improvements project.) An appraisal of the property at 125 E. McKey St. was conducted, at the city's direction, by Property Valuation & Consulting, Inc. The appraised value was set at $159,000 based on the continued use of the property as a residence. In contrast, the adjacent property, which has less land area but a larger house, is presently being marketed at a price of $445,000. Vacant residential lots in the area are on the market for$125,000. Given the size of the offered property, it could alternatively be split into two highly desirable building lots that may be sold at a price sufficient to provide full cost recovery. Issue: Which of several possible alternatives should the City Commission direct staff to undertake as the preferred approach to relocating the Human Resources Department? Recommendations The following basic options exist for providing temporary housing of the Human Resources Department staff(five persons plus space for employee discussions, candidate interviews, and other needs): 1. Lease a portable unit and place it on city-owned property at an estimated cost of $71,140. This option includes the cost of the unit, interior build-out, utility connections, and restoration to original condition after the staff is moved to City Hall. 2. Rent commercially available office space in the city at a cost of$52,500 to $102,600, not including the cost of any required remodeling to accommodate city staff and related space needs. 3. Purchase the property at 125 E. McKey Street at a price of $250,000 plus closing cost of $10,000 and early lease termination/possession fees totaling $25,000. 4. Fail to renew the lease for Senator Bracy at the end of November 2018 and modify the space at the east end of the City Hall Annex to accommodate the HR Department at a cost of $18,000. There will also be the loss of $24,000 in lease revenues an dpossibly some cost associated with eliminating the adjacent City Clerk storage space. Staff supports the proposed purchase of 125 E. McKey St. (Option 3) as a cost-effective means of meeting near-term space requirements for the city. Should the City Commission endorse this choice, staff recommends the City Commission direct staff to take other actions needed to realize the intended use of the property. Such actions include any zoning and/or conditional use changes required, plus structural and other changes needed to make the property usable for temporary occupancy by the city's Human Resources Department, which is expected to cost about $35,000. The anticipated remodeling changes include construction of a handicap-compatible restroom and enclosing the existing carport to provide needed additional interior office space. Attachments: • Orange County Property Appraiser's property record for 125 E. McKey St. • Appraisal of 125 E. McKey St. Financial Impact: The estimated cost of the various alternatives is presented above. The cost of the recommended property purchase should be funded by allocating FY 2019 revenues from the Recreation Impact Fund, with the cost of making the property suitable for temporary use by the HR staff coming from the General Fund. The General Fund budget will reimburse the impact fund for temporary use on a monthly basis until such time as the HR staff moves into the new City Hall. The cost of making minor modifications to 2 the property and using the property in the manner described is substantially less than all available rental properties for the same period of time. Type of Item: (please mark with an `x') Public Hearing For Clerk's Dept Use: Ordinance First Reading Consent Agenda Ordinance Second Reading Public Hearing Resolution k Regular Agenda X Commission Approval X Discussion&Direction Original Document/Contract Attached for Execution by City Clerk Reviewed by City Attorney Draft sales contract was prepared by Dana Crosby-Collier N/A Reviewed by Finance Dept. N/A 3 125 E Mckey St http://www.ocpafl.org/Searches/ParcellnfoPrinterFriendly.aspx/PFSet... Property Record - Orange County Property Appraiser • http://www.ocpafl.org ttp://www.ocpafl.org Property Summary as of 09/10/2018 Property Name 125E Mckey St z Mailing Address ❑� • : o. 1; Names "7-11119544 County Road 33 F�: '�i W Rkf Franklin Street Property LLC Groveland,FL 34736-952111 7 F i'} a• o , �•D F i 71a Municipality Physical Address �'i ' 3• • T. i'. OCO -Ocoee 125 E Mckey St . r,4 .9e1: -....9:1... o Ocoee,FL 34761 ❑� •: �, •o . ,. 1 ' '; Property Use 0103 - Single Fam Class III QR Code For Mobile Phone 4 4, , ..memo,r r l.r.».-....- it . 'q R x 282217550407090 11/08/2006 +s. =,=,-111":7 ' *. . ft,., .+. _ , Value and Taxes Historical Value and Tax Benefits Tax Year Values Land Building(s) Feature(s) Market Value Assessed Value 2018 Ei® $50,000 + $81,814 + $0=$131,814 (7.3%) $131,814 (7.3%) 2017 12® $50,000 + $72,804 + $0=$122,804 (1.7%) $122,804 (6.3%) 2016 ©m $50,000 + $70,708 + $0=$120,708 (3.1%) $115,565 (10%) 2015 121:33 $50,000 + $67,128 + $0=$117,128 (23%) $105,059 (10%) 2014 0® $50,000 + $45,508 + $0= $95,508 $95,508 1 of 3 9/10/2018,3:52 PM 125 E Mckey St http://www.ocpafl.org/Searches/ParcellnfoPrinterFriendly.aspx/PFSet... Tax Year Benefits Tax Savings 2018 W $0 2017 1121 $0 2016 ISM $56 2015 PIM $133 2014 1151 $0 2018 Taxable Value and Estimate of Proposed Taxes Taxing Authority Assd Value Exemption Tax Value Millage Rate Taxes % Public Schools: By State Law(Rle) $131,814 $0 $131,814 4.0510 (-4.05%) $533.98 21 % Public Schools: By Local Board $131,814 $0 $131,814 3.2480 (0.00%) $428.13 17% Orange County(General) $131,814 $0 $131,814 4.4347 (0.00%) $584.56 24% City Of Ocoee $131,814 $0 $131,814 6.5000 (14.95%) $856.79 34% Library-Operating Budget $131,814 $0 $131,814 0.3748 (0.00%) $49.40 2% St Johns Water Management District $131,814 $0 $131,814 0.2562 (-5.95%) $33.77 1 % 18.8647 $2,486.63 2018 Non-Ad Valorem Assessments Levying Authority Assessment Description Units Rate Assessment CITY OF OCOEE OCOEE RES -GARBAGE-(407)905-3170 1.00 $252.00 $252.00 CITY OF OCOEE OCOEE STORM -DRAINAGE-(407)905-3170 99.00 $1.00 $99.00 CITY OF OCOEE OCOEE FIRE RESC -N/A-(407)905-3170 101.33 $1.00 $101.33 $452.33 Property Features Property Description MARION PARK L/48 LOTS 9 10 11 & 12 BLK G Total Land Area 24,242 sqft(+/-) 0.56 acres(+/-) GIS Calculated Land Land Use Code Zoning Land Units Unit Price Land Value Class Unit Price Class Value 0135 - Sfr-Lake View R-1AAA 1 LOT(S) $50,000.00 $50,000 $0.00 $50,000 Buildings 2 of 3 9/10/2018,3:52 PM 125 E Mckey St http://www.ocpafl.org/Searches/ParcellnfoPrinterFriendly.aspx/PFSet... Model Code 01 - Single Fam Residence Subarea Description Sqft Value Type Code 0103 -Single Fam Class III BAS -Base Area 1175 $101,250 Building Value $81,814 FCP-Fin Carprt 198 $5,084 Estimated New Cost $111,160 FST -Fin Storge 77 $3,361 Actual Year Built 1959 UOP -Unf 0 Prch 112 $1,465 Beds 3 Baths 2.0 Floors 1 Gross Area 1562 sqft Living Area 1175 sqft Exterior Wall Conc/Cindr Interior Wall Drywall Extra Features Description Date Built Units Unit Price XFOB Value SHNV- Shed No Value 01/01/2001 1 Unit(s) $0.00 $0 Sales Sales History Sale Date Sale Instrument Book/Page Deed Code Seller(s) Buyer(s) Vac/Imp Amount # 02/12/2010$100 20100118627 10008/4028 Quitclaim Deed Freeman Rkf Franklin Improved Clifford Street Property Roger LLC 05/28/2009$100 20090333482 09886/ 1357 Personal Cross Freeman Clifford Improved Representative's Spencer C Roger Multiple Estate Similar Sales Address Sale Date Sale Amount $/SQFT Deed Code Beds/Baths Instrument# Book/Page 138 Lafayette St 02/09/2018 $110,000 $86 Special Warranty 3/1 20180083461 / 125 S Lakeshore Dr 01/31/2018 $205,000 $142 Warranty Deed 3/2 20180064343 / 38 Lafayette St 11/08/2017 $2,000 $2 Trustee's Deed 1/1 20170632601 / 3 of 3 9/10/2018,3:52 PM Contract for Florida Realtors• Residential Sale and Purchase i 1. 1. Sale and Purchase: RKF Franklin Street Properties,LLC ("Seller") 2. and City of Ocoee ("Buyer") 3 (the"parties")agree to sell and buy on the terms and conditions specified below the property described as: 4. Street Address: 125 E.McKey St. 5. City: Ocoee Zip Code: 34761 County: Orange 6. Legal Description: Lots 9, 10, 11 & 12, Block G, Marion Park, Plat Book L, Page 48,Public Records of Orange 7. County. 8• Tax ID No.: 17-22-28-5504-07-090 together with all existing improvements and attached 9 items, including fixtures;built-in furnishings;major appliances(including but not limited to range(s),refrigerator(s),dishwasher(s), 10• washer(s),and dryer(s)); (#)ceiling fans(all ceiling fans if left blank);light fixtures;attached wall-to-wall carpeting;and rods, 11 draperies,and other window treatments as of date of Buyer's initial offer.The only other items induded in the purchase are: 12. All real and personal propertyon premises 13- 14• The following attached items are excluded from the purchase: 15. N/A 16. 17 The real and personal property described above as included in the purchase is referred to as the "Property." 18 Personal property listed in this Contract is included in the purchase price, has no contributory value, and is being 19 left for Seller's convenience. 20• 2. Purchase Price: $ 250,000.00 payable by Buyer in U.S. currency as follows: 21 All deposits will be made payable to"Escrow Agent"named below and held in escrow by: 22• Escrow Agent's Name: Shuffield Lowman& Wilson, P.A. 23. Escrow Agent's Address: 1000 Legion Place, Suite 1700, Orlando,FL 32801 24• Escrow Agent's Phone: 407-581-9800 25. (a) $ 5,000.00 "Initial Deposit"($0 if left blank) (Check if applicable) 26- ❑ accompanies offer 27. 1iI to be delivered to Escrow Agent within 5 days (3 days if left blank) after 28 Effective Date 29. (b) $ Additional deposit to be delivered to Escrow Agent by or within 30. days (10 days if left blank)after Effective Date 31. (c) Total Financing(see Paragraph 3 below) (express as a dollar amount or percentage) 32• (d) $ Other: 33• (e) $ 245,000.00 Balance to close (not including Buyer's closing costs, prepaid items, and prorations) 34 All funds paid at Closing must be paid by wire transfer or other Collected funds. 35 3. Financing: (Check as applicable) 36• (a) 1$ Buyer will pay cash or obtain financing for the purchase of the Property. This Contract is not contingent on 37 financing or appraised value unless otherwise stated herein. 38• (b) ❑ Buyer will apply for new ❑conventional ❑ FHA❑ VA❑ other(specify) 39 financing specified in Paragraph 2(c) at the prevailing interest rate and loan costs based on Buyer's 40. creditworthiness (the "Financing") within days (5 days if left blank) after Effective Date and provide 41 Seller with either a written Financing commitment or approval letter("Commitment")or written notice that Buyer 42. is unable to obtain a Commitment within days (the earlier of 30 days after Effective Date or 10 days 43 before Closing Date if left blank)after Effective Date("Commitment Period"). Buyer will keep Seller and Broker 44 fully informed about loan application status, progress, and Commitment issues and authorizes the mortgage 45 broker and lender to disclose all such information to Seller and Broker. If, after using diligence and good faith, 46 Buyer is unable to obtain a Commitment and provides Seller with written notice before expiration of the 47 Commitment Period that Buyer is unable to obtain a Commitment, either party may thereafter cancel this Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 1 of 9. CRSP-15 Rev 6117 ®2017 Florida Realtorsa Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 48 Contract; and Buyer's deposit(s) will be refunded. Buyer's failure to timely provide Seller with written notice 49 that Buyer is unable to obtain a Commitment will result in forfeiture of Buyer's deposit(s)if Buyer fails to close. 50 Once Buyer provides the Commitment to Seller,the financing contingency is waived and Seller will be entitled 51 to retain the deposit(s) if the transaction does not close by the Closing Date unless (i)the Property appraises 52 below the purchase price and either the parties cannot agree on a new purchase price or Buyer elects not to 53 proceed, or (ii) the property related conditions of the Commitment have not been met (except when such 54 conditions are waived by other provisions of this Contract), or(iii)the loan is not funded due to financial failure 55 of Buyer's lender, or(iv)another provision of this Contract provides for cancellation. 56 4. Closing Date; Occupancy: Unless the Closing Date is specifically extended by Seller and Buyer or by any other 57 provision in this Contract, the Closing Date will prevail over all other time periods including, but not limited to, 58' financing and inspection periods. Closing of this Contract (the "Closing") will occur on February 1,2019 59 ("Closing Date")at the time established by the Closing Agent, by which time Seller will(i)have removed all personal 60 items and trash from the Property and swept the Property clean and (ii) deliver the deed, occupancy, and 61 possession, along with all keys, garage door openers, and access codes to Buyer. If on Closing Date insurance 62 underwriting is suspended, Buyer may postpone Closing for up to 5 days after the insurance suspension is lifted. 63 If Paragraph 3(b) is selected and closing funds from Buyer's lender(s) are not available on Closing Date due to 64 Consumer Financial Protection Bureau Closing Disclosure delivery requirements (CFPB Requirements), then 65 Closing Date will be extended for such period necessary to satisfy CFPB Requirements,provided such period does 66 not exceed 10 days. If this transaction does not close for any reason, Buyer will immediately return all Seller- 67 provided title evidence, surveys, association documents, and other items, failing which Buyer authorizes Closing 68• Agent to reimburse Seller$ ($100 if left blank)from the deposit(s)for the cost of the documents. 69 5. Closing Procedure; Costs: Closing will take place in the county where the Property is located and may be 70 conducted by mail or electronic means. If title insurance insures Buyer for title defects arising between the title 71 binder effective date and recording of Buyer's deed, Closing Agent will disburse at Closing the net sale proceeds 72 to Seller and brokerage fees to Broker as per Paragraph 19.In addition to other expenses provided in this Contract, 73 Seller and Buyer will pay the costs indicated below. 74 (a) Seller Costs: 75 76 Recording fees for documents needed to cure title 77• Repairs and Permits: Seller will pay up to$ b or % (1.5% if left blank) of the purchase 78• price for repairs to warranted items ("Repair Limit"); and up to $ n or % (1.5% if left 79 blank)of the purchase price for wood-destroying organism treatment and repairs("WDO Repair Limit");and up 80• to$ v or % (1.5% if left blank) of the purchase price for costs associated with closing out 81 open permits and obtaining required permits for unpermitted existing improvements("Permit Limit"). 82* Other: 83 (b) Buyer Costs: 84 Taxes and recording fees on notes and mortgages 85 Recording fees on the deed and financing statements 86 Loan expenses 87 Lender's title policy 88 Inspections 89 Survey 90 Flood insurance, homeowner's insurance, hazard insurance 91• Other: Title Insurance,Recording Fees,Documentary Tax and 2019 Real Estate Taxes 92 (c) Title Evidence and Insurance: If Seller has an owner's title policy covering the Property, Seller will provide a 93 copy to Buyer and title agent within 5 days after Effective Date.The charges for title evidence and any lender's 94 policy will be calculated and allocated in accordance with Florida law but may be reported differently on certain 95 federally-mandated closing disclosures and other closing documents. 96 Check(1)or(2) 97- (1) 121 The title evidence will be a Paragraph 10(a)(1) owner's title insurance commitment.❑Seller will select 98 the title agent and Closing Agent and will pay for the owner's title policy; title search, including tax and lien 99• search; and all other fees charged by title agent and Closing Agent orM Buyer will select the title agent 10o and Closing Agent and pay for the owner's title policy; title search, including tax and lien search; and all 101• other fees charged by title agent and Closing Agent orD Buyer will select the title agent and Closing Agent, Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 2 of 9. CRSP-15 Rev 6/17 C 2017 Florida Realtors® Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 102 (2) and Seller will pay for the owner's title policy; title search, including tax and lien search; and all other fees 103 charged by title agent and Closing Agent. 104* (3) ❑Seller will provide an abstract as specified in Paragraph 10(a)(2)as title evidence.❑Seller❑ Buyer will 105 pay for the owner's title policy and select the title agent and Closing Agent. Seller will pay fees for title 106 searches, including tax and lien searches, before Closing, and Buyer will pay fees for title searches, 107 including tax and lien searches, after Closing (if any) and all other fees charged by title agent and Closing 108 Agent. 109 (d) Prorations:The following items will be made current(if applicable)and prorated as of the day before Closing: 110 real estate taxes (including special benefit tax assessments imposed by a community development district 111 ("CDD")), interest, bonds, assessments, association fees, insurance, rents, and other current expenses and 112 revenues of the Property. If taxes and assessments for the current year cannot be determined, taxes will be 113 prorated on the basis of taxes for the preceding year as of the day before Closing and will be computed and 114 readjusted, at either party's request, when the current taxes are determined with adjustment for exemptions 115 and improvements. If there are completed improvements on the Property by January 1 of the year of the 116 Closing,which improvements were not in existence on January 1 of the prior year, taxes will be prorated based 117 on the prior year's millage and at an equitable assessment to be agreed upon by the parties before Closing, 118 failing which, request will be made to the County Property Appraiser for an informal assessment taking into 119 consideration available exemptions. If the County Property Appraiser is unable or unwilling to perform an 120 informal assessment before Closing, Seller and Buyer will split the cost of a private appraiser to perform an 121 assessment before Closing. Nothing in this Paragraph will act to extend the Closing Date. This provision will 122 survive Closing. 123 (e) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will 124 pay(i)the full amount of liens that are certified,confirmed, and ratified before Closing and(ii)the amount of the 125 last estimate of the assessment if an improvement is substantially completed as of Effective Date but has not 126 resulted in a lien before Closing; and Buyer will pay all other amounts. If special assessments may be paid in 127* installments❑Seller j$Buyer(Buyer if left blank)will pay installments due after Closing. If Seller is checked, 128 Seller will pay the assessment in full before or at the time of Closing. Public body does not include a 129 Homeowners'Association or Condominium Association. Paragraph 5(e)does not apply to a special benefit tax 130 lien imposed by a CDD pursuant to Chapter 190, Florida Statutes, which lien will be prorated pursuant to 131 Paragraph 5(d). 132 (f) Tax Withholding: Seller and Buyer will comply with the Foreign Investment in Real Property Tax Act, which 133 may require Seller to provide additional cash at Closing if Seller is a"foreign person"as defined by federal law. 134* (g) Home Warranty: ❑ Seller ❑ Buyer X N/A will pay for a home warranty plan issued by 135* at a cost not to exceed$ . 136 A home warranty plan provides for repair or replacement of many of a home's mechanical systems and major 137 built-in appliances in the event of breakdown due to normal wear and tear during the agreement period. 138 6. Inspection Periods: Buyer will complete all inspections referenced in Paragraphs 7(b), 8(a)(2), 8(b), and 8(c)by 139* 80 days after Effective Date (the earlier of 10 days after Effective Date or 10 days before Closing Date if left blank) 140 ("Inspection Period"). 141 7. Real Property Disclosures: Seller represents that Seller does not know of any facts that materially affect the 142 value of the Property, including but not limited to violations of governmental laws, rules,and regulations, other than 143 those that Buyer can readily observe or that are known by or have been disclosed to Buyer. 144 (a) Energy Efficiency: Buyer acknowledges receipt of the energy-efficiency information brochure required by 145 Section 553.996, Florida Statutes. 146 (b) Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in 147 sufficient quantities, may present health risks to persons who are exposed to it over time. Radon levels that 148 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding 149 radon and radon testing may be obtained from your county public health unit. Buyer may,within the Inspection 150 Period, have an appropriately licensed person test the Property for radon. If the radon level exceeds acceptable 151 EPA standards, Seller may choose to reduce the radon level to an acceptable EPA level, failing which either 152 party may cancel this Contract. 153 (c) Flood Zone: Buyer is advised to verify by survey,with the lender, and with appropriate government agencies 154 which flood zone the Property is in,whether flood insurance is required,and what restrictions apply to improving 155 the Property and rebuilding in the event of casualty. If the Property is in a Special Flood Hazard Area or Coastal 156 High Hazard Area and the buildings are built below the minimum flood elevation, Buyer may cancel this Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 3 of 9. CRSP-15 Rev 6/17 ®2017 Florida Realtors® Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 157 Contract by delivering written notice to Seller within 20 days after Effective Date, failing which Buyer accepts 158 the existing elevation of the buildings and zone designation of the Property. 159 (d) Homeowners' Association: If membership in a homeowners' association is mandatory, an association 160 disclosure summary is attached and incorporated into this Contract. BUYER SHOULD NOT SIGN THIS 161 CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE DISCLOSURE SUMMARY. 162 (e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 163 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY 164 IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY 165 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 166 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 167 COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION. 168 (f) Mold: Mold is part of the natural environment that, when accumulated in sufficient quantities, may present 169 health risks to susceptible persons. For more information, contact the county indoor air quality specialist or 170 other appropriate professional. 171 (g) Coastal Construction Control Line: If any part of the Property lies seaward of the coastal construction control 172 line ("CCCL") as defined in Section 161.053, Florida Statutes, Seller will provide Buyer with an affidavit or 173 survey as required by law delineating the line's location on the Property, unless Buyer waives this requirement 174 in writing. The Property being purchased may be subject to coastal erosion and to federal, state, or local 175 regulations that govern coastal property, including delineation of the CCCL, rigid coastal protection structures, 176 beach nourishment, and the protection of marine turtles.Additional information can be obtained from the Florida 177 Department of Environmental Protection, including whether there are significant erosion conditions associated 178 with the shoreline of the Property being purchased. 179* J$Buyer waives the right to receive a CCCL affidavit or survey. 160 8. Maintenance, Inspections, and Repair: Seller will keep the Property in the same condition from Effective Date 181 until Closing, except for normal wear and tear("Maintenance Requirement")and repairs required by this Contract. 182 Seller will provide access and utilities for Buyer's inspections and appraisals. Buyer will repair all damages to the 183 Property resulting from the inspections, return the Property to its pre-inspection condition, and provide Seller with 184 paid receipts for all work done on the Property upon its completion. If Seller is unable to complete required repairs 185 or treatments or meet the Maintenance Requirement before Closing, Seller will give Buyer a credit at Closing for 186 the cost of the repairs and maintenance Seller was obligated to perform.At Closing,Seller will assign all assignable 187 repair and treatment contracts to Buyer and provide Buyer with paid receipts for all work done on the Property 188 pursuant to the terms of this Contract. 189 (a) Warranty, Inspections,and Repair: 190 (1) Warranty: Seller warrants that non-leased major appliances; heating, cooling, mechanical, electrical, 191 security, sprinkler, septic, and plumbing systems; seawall; dock; and pool equipment, if any, are and will 192 be maintained in working condition until Closing; that the structures(including roofs, doors, and windows) 193 and pool, if any, are structurally sound and watertight; and that torn or missing screens, missing roof tiles, 194 and fogged windows will be repaired or replaced. Limited remaining life of any warranted item will not be 195 considered a defect that must be repaired or replaced by Seller.Seller does not warrant and is not required 196 to repair cosmetic conditions, unless the cosmetic condition resulted from a defect in a warranted item. 197 Seller is not obligated to bring any item into compliance with existing building code regulations unless 198 necessary to repair a warranted item.'Working condition"means operating in the manner in which the item 199 was designed to operate and "cosmetic conditions" means aesthetic imperfections that do not affect the 200 working condition of the item, including pitted marcite; tears, worn spots, and discoloration of floor 201 coverings/wallpapers/window treatments; caulking in bathroom; nail holes, scratches, dents, scrapes, and 202 chips in ceilings/walls/flooring/tile/fixtures/mirrors; cracked roof tiles; curling or worn shingles; and minor 203 cracks in floor tiles/windows/driveways/sidewalks/pool decks/garage and patio floors. 204 (2) Professional Inspection: Buyer may, at Buyer's expense, have warranted items inspected by a person 205 who specializes in and holds a license (if required by law) to conduct home inspections or who holds a 206 Florida license to repair and maintain the items inspected ("professional inspector"). Buyer must, within 5 207 days after the end of Inspection Period, deliver written notice of any items that are not in the condition 208 warranted and a copy of the portion of the inspector's written report dealing with such items to Seller. If 209 Buyer fails to timely deliver written notice, Buyer waives Seller's warranty and accepts the items listed in 210 Subparagraph (a) above in their "as is" conditions, except that Seller must meet the Maintenance 211 Requirement. 212 (3) Repair: Seller will obtain repair estimates and is obligated only to make repairs necessary to bring 213 warranted items into the condition warranted, up to the Repair Limit. Seller may,within 5 days after receipt 214 of Buyer's notice of items that are not in the condition warranted, have a second inspection made by a Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 4 of 9. CRSP-15 Rev 6/17 ®2017 Florida Realtors® Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 215 (4) professional inspector and will report repair estimates to Buyer. If the first and second inspection reports 216 differ and the parties cannot resolve the differences, Seller and Buyer together will choose, and equally 217 split the cost of, a third inspector, whose written report will be binding on the parties. If the cost to repair 218 warranted items equals or is less than the Repair Limit,Seller will have the repairs made in a workmanlike 219 manner by an appropriately licensed person. If the cost to repair warranted items exceeds the Repair Limit, 220 either party may cancel this Contract unless either party pays the excess or Buyer designates which repairs 221 to make at a total cost to Seller not exceeding the Repair Limit and accepts the balance of the Property in 222 its"as is"condition. 223 (b) Wood-Destroying Organisms:'Wood-destroying organism"means arthropod or plant life, including termites, 224 powder-post beetles,old house borers, and wood-decaying fungi, that damages or infests seasoned wood in a 225 structure,excluding fences.Buyer may,at Buyer's expense, have the Property inspected by a Florida-licensed 226 pest control business to determine the existence of past or present wood-destroying organism infestation and 227 damage caused by infestation. If the inspector finds evidence of infestation or damage, Buyer will deliver a 228 copy of the inspector's written report to Seller within 5 days after the date of the inspection. If Seller previously 229 treated the Property for the type of wood-destroying organisms found,Seller does not have to treat the Property 230 again if(i)there is no visible live infestation and (ii)Seller transfers to Buyer at Closing a current full treatment 231 warranty for the type of wood-destroying organisms found. Seller will have 5 days after receipt of the inspector's 232 report to have reported damage estimated by a licensed building or general contractor and corrective treatment, 233 if required, estimated by a licensed pest control business. Seller will have treatments and repairs made by an 234 appropriately licensed person at Seller's expense up to the WDO Repair Limit. If the cost to treat and repair 235 the Property exceeds the WDO Repair Limit, either party may pay the excess, failing which either party may 236 cancel this Contract by written notice to the other. If Buyer fails to timely deliver the inspector's written report, 237 Buyer accepts the Property"as is"with regard to wood-destroying organism infestation and damage, subject 238 to the Maintenance Requirement. 239 (c) Permits: Buyer may, at Buyer's expense, inspect and examine records and documents to determine whether 240 any open or expired building permits or unpermitted improvements to the Property exist. Buyer will, before the 241 end of the Inspection Period, deliver written notice to Seller of the existence of such; and Seller will remedy 242 the reported items up to the Permit Limit and have final inspections completed no later than 5 days before 243 Closing. If final inspections cannot be performed due to delays by the governmental entity, Closing will be 244 extended for up to 10 days to complete such final inspections, failing which either party may cancel this 245 Contract; and Buyer's deposit(s) will be refunded. At Closing, Seller will provide Buyer with written 246 documentation that all reported items have been remedied. If the cost to remedy reported items exceeds the 247 Permit Limit, either party may cancel this Contract unless either party pays the excess or Buyer accepts the 248 Property in its"as is"condition and Seller credits Buyer at Closing the amount of the Permit Limit. 249 (d) Walk-Through Inspection; Reinspection: On the day before Closing or at any other time agreeable to the 250 parties, Buyer, and/or Buyer's representative, may walk through the Property solely to verify that Seller has 251 made repairs required by this Contract, has met the Maintenance Requirement, and has met contractual 252 obligations. If Buyer, and/or Buyer's representative,fails to conduct this inspection,Seller's repair obligations 253 and Maintenance Requirement will be deemed fulfilled. 254 9. Risk of Loss: If any portion of the Property is damaged by fire or other casualty before Closing and can be restored 255 by Closing or within 45 days after Closing Date to substantially the same condition as it was on Effective Date, 256 Seller will, at Seller's expense, restore the Property and deliver written notice to Buyer that Seller has completed 257 the restoration;and the parties will close the transaction on the later of Closing Date or 10 days after Buyer receives 258 Seller's notice. Seller will not be obligated to replace trees. If restoration cannot be timely completed, Buyer may 259 cancel this Contract, and Buyer's deposit(s)will be refunded; or Buyer may accept the Property"as is"and Seller 260 will credit the deductible and assign the insurance proceeds, if any, to Buyer at Closing in such amounts as are 261 attributable to the Property and not yet expended in restoring the Property to the same condition as it was on 262 Effective Date. 263 10. Title: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal 264 representative, or guardian deed as appropriate to Seller's status. 265 (a) Title Evidence:Title evidence will show legal access to the Property and marketable title of record in Seller in 266 accordance with current title standards adopted by the Florida Bar,subject only to the following title exceptions, 267 none of which prevent residential use of the Property:covenants,easements,and restrictions of record;matters 268 of plat; existing zoning and government regulations; oil, gas, and mineral rights of record if there is no right of 269 entry; current taxes; mortgages that Buyer will assume;and encumbrances that Seller will discharge before or 270• at Closing. The party paying for the owner's title policy will, at least Line 420 days(if Paragraph 3(a) is selected 271 then 5 days or if Paragraph 3(b) is selected then 10 days, if left blank) ('Title Evidence Deadline") before Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 5 of 9. CRSP-15 Rev 8/17 ®2017 Florida Realtors® Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 272 Closing, deliver to Buyer one of the following types of title evidence (see Paragraph 5(c)), which must be 273 generally accepted in the county where the Property is located.Seller will use option(2)in Miami-Dade County. 274 (1) A title insurance commitment issued by a Florida-licensed title insurer in the amount of the purchase 275 price and subject only to title exceptions set forth in this Contract. 276 (2) An existing abstract of title from a reputable and existing abstract firm(if firm is not existing,then abstract 277 must be certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments 278 affecting title to the Property recorded in the public records of the county where the Property is located and 279 certified to Effective Date. However, if such an abstract is not available to Seller,then a prior owner's title 280 policy acceptable to the proposed insurer as a base for reissuance of coverage. Seller will pay for copies 281 of all policy exceptions and an update in a format acceptable to Closing Agent from the policy effective date 282 and certified to Buyer or Closing Agent,together with copies of all documents recited in the prior policy and 283 in the update. If a prior policy is not available to Seller then (1)above will be the title evidence. 284 (b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller,within 5 days after 285 receipt of title evidence but no later than Closing Date, of any defects that make the title unmarketable. Seller 286 will have 30 days after receiving Buyer's notice of defects ("Curative Period") to cure the defects at Seller's 287 expense. If Seller cures the defects within the Curative Period, Seller will deliver written notice to Buyer and 288 the Closing will occur on Closing Date or within 10 days after Buyer receives Seller's notice if Closing Date 289 has passed. If Seller is unable to cure the defects within the Curative Period, Seller will deliver written notice 290 to Buyer and Buyer will, within 10 days after receiving Seller's notice, either cancel this Contract, extend 291 Curative Period for a specified period not to exceed 120 days,or accept title with existing defects and close the 292 transaction. 293 (c) Survey: On or before Title Evidence Deadline, Buyer may, at Buyer's expense, have the Property surveyed 294 and must deliver written notice to Seller within 5 days after receiving survey but no later than Closing, of any 295 encroachments on the Property, encroachments by the Property's improvements on other lands, or deed 296 restriction or zoning violations. If Buyer timely delivers such notice,any reported encroachment or violation will 297 be treated in the same manner as a title defect, and Seller's and Buyer's obligations will be determined in 298 accordance with Subparagraph (b) above. 299 11. Effective Date; Time; Force Majeure: 300 (a) Effective Date: The"Effective Date"of this Contract is the date on which the last of the parties initials or signs 301 and delivers the final offer or counter offer. Time is of the essence for all provisions of this Contract. 302 (b) Time: All time periods will be computed in business days (a "business day" is every calendar day except 303 Saturday, Sunday, and national legal holidays). If any deadline falls on a Saturday, Sunday, or national legal 304 holiday,performance will be due the next business day.All time periods will end at 5:00 p.m.local time(meaning 305 in the county where the Property is located) of the appropriate day. 306 (c) Force Majeure: Seller or Buyer will not be required to perform any obligation under this Contract or be liable 307 to each other for damages so long as the performance or non-performance of the obligation is delayed,caused, 308 or prevented by an "act of God"or"force majeure."An act of God or force majeure is defined as hurricanes, 309 earthquakes, floods, fire, unusual transportation delays, wars, insurrections, acts of terrorism, and any other 310 such causes and which by the exercise of due diligence the non-performing party is unable in whole or in part 311 to prevent or overcome. All time periods, including Closing Date, will be extended for the period that the act of 312 God or force majeure is in place. However, if such act of God or force majeure event continues beyond 30 days, 313 either party may cancel this Contract by delivering written notice to the other; and Buyer's deposit(s) will be 314 refunded. 315 12. Notices: All notices will be in writing and will be delivered to the parties and Broker by mail, personal delivery, or 316 electronic media. Except for the notices required by Paragraph 3 of this Contract, Buyer's failure to timely deliver 317 written notice to Seller, when such notice is required by this Contract, regarding any contingency will 318 render that contingency null and void, and this Contract will be construed as if the contingency did not 319 exist. Any notice, document, or item delivered to or received by an attorney or licensee (including a 320 transaction broker)representing a party will be as effective as if delivered to or received by that party. 321 13. Complete Agreement: This Contract is the entire agreement between Seller and Buyer. Except for brokerage 322 agreements, no prior or present agreements will bind Seller, Buyer,or Broker unless incorporated into this 323 Contract. Modifications of this Contract will not be binding unless in writing, signed or initialed, and delivered by 324 the party to be bound. Electronic signatures will be acceptable and binding. Signatures, initials, documents 325 referenced in this Contract, counterparts,and written modifications communicated electronically or on paper will be 326 acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted in or 327 attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid or Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 6 of 9. CRSP-15 Rev 6/17 ®2017 Florida Realtors® Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 328 unenforceable, all remaining provisions will continue to be fully effective. Seller and Buyer will use diligence and 329 good faith in performing all obligations under this Contract.This Contract will not be recorded in any public records. 330 14. Assignability; Persons Bound: Buyer may not assign this Contract without Seller's written consent. The terms 331 "Seller," "Buyer," and "Broker" may be singular or plural. This Contract is binding on the heirs, administrators, 332 executors, personal representatives, and assigns(if permitted)of Seller, Buyer, and Broker. 333 15. Default: 334 (a) Seller Default:If for any reason other than failure of Seller to make Seller's title marketable after diligent effort, 335 Seller fails, refuses, or neglects to perform this Contract, Buyer may choose to receive a return of Buyer's 336 deposit(s) without waiving the right to seek damages or to seek specific performance as per Paragraph 16. 337 Seller will also be liable to Broker for the full amount of the brokerage fee. 338 (b) Buyer Default: If Buyer fails to perform this Contract within the time specified, including timely payment of all 339 deposits,Seller may choose to retain and collect all deposits paid and agreed to be paid as liquidated damages 340 or to seek specific performance as per Paragraph 16;and Broker will, upon demand, receive 50%of all deposits 341 paid and agreed to be paid (to be split equally between Brokers) up to the full amount of the brokerage fee. 342 16. Dispute Resolution:This Contract will be construed under Florida law.All controversies,claims,and other matters 343 in question arising out of or relating to this transaction or this Contract or its breach will be settled as follows: 344 (a) Disputes concerning entitlement to deposits made and agreed to be made: Seller and Buyer will have 30 345 days after the date conflicting demands are made to attempt to resolve the dispute through mediation. If that 346 fails, Escrow Agent will submit the dispute, if so required by Florida law,to Escrow Agent's choice of arbitration, 347 a Florida court, or the Florida Real Estate Commission ("FREC"). A broker's obligation under Chapter 475, 348 Florida Statutes, and the FREC rules to timely notify the FREC of an escrow dispute and timely resolve the 349 escrow dispute through mediation, arbitration, interpleader, or an escrow disbursement order applies only to 350 brokers and does not apply to title companies, attorneys,or other escrow holders. 351 (b) All other disputes: Seller, Buyer, and Broker will have 30 days after the date a dispute arises between them 352 to attempt to resolve the matter through mediation, failing which the parties, including Broker, will resolve the 353 dispute through neutral binding arbitration in the county where the Property is located. However, no arbitration 354 arising out of or relating to this transaction or this Contract or its breach will include Broker, unless Broker 355 consents in writing to become a party to the proceeding.A demand for arbitration is prohibited if a civil action 356 requesting the same relief would be barred by Florida statute of limitations. The arbitrator may not alter the 357 Contract terms or award any remedy not provided for in this Contract. The award will be based on the greater 358 weight of the evidence and will state findings of fact and the contractual authority on which it is based. If the 359 parties agree to use discovery, it will be in accordance with the Florida Rules of Civil Procedure, and the 360 arbitrator will resolve all discovery-related disputes. For purposes of this Paragraph, Broker will be treated as a 361 party to this Contract.This clause will survive Closing. 362 (c) Mediation and Arbitration; Expenses: "Mediation" is a process in which parties attempt to resolve a dispute 363 by submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered 364 to impose a settlement on the parties. Mediation will be in accordance with the rules of the American Arbitration 365 Association ("AM") or other mediator agreed on by the parties. The parties will equally divide the mediation 366 fee, if any. "Arbitration"is a process in which the parties resolve a dispute by a hearing before a neutral person 367 who decides the matter and whose decision is binding on the parties.Arbitration will be in accordance with the 368 rules of the AM or other arbitrator agreed on by the parties. Each party to any arbitration will pay its own fees, 369 costs, and expenses, including attorneys'fees, and will equally split the arbitrators'fees and administrative fees 370 of arbitration. 371 17. Escrow Agent;Closing Agent:Seller and Buyer authorize Escrow Agent and Closing Agent(collectively"Agent") 372 to receive, deposit,and hold funds and other items in escrow and,subject to Collection, disburse them upon proper 373 authorization and in accordance with Florida law and the terms of this Contract, including disbursing brokerage 374 fees. "Collection"or"Collected"mean any checks tendered or received have become actually and finally collected 375 and deposited in the account of Agent.The parties agree that Agent will not be liable to any person for misdelivery 376 of escrowed items to Seller or Buyer, unless the misdelivery is due to Agent's willful breach of this Contract or 377 gross negligence. If Agent interpleads the subject matter of the escrow,Agent will pay the filing fees and costs from 378 the deposit and will recover reasonable attorneys'fees and costs to be paid from the escrowed funds or equivalent 379 and charged and awarded as court costs in favor of the prevailing party.All claims against Agent will be arbitrated, 380 so long as Agent consents to arbitrate. 381 18. Professional Advice; Broker Liability: Broker advises Seller and Buyer to verify all facts and representations 382 that are important to them and to consult an appropriate professional for legal advice (for example, interpreting 383 contracts, determining the effect of laws on the Property and transaction, status of title, foreign investor reporting 384 requirements, the effect of property lying partially or totally seaward of the coastal construction control line, etc.) Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 7 of 9. CRSP-15 Rev 6/17 ®2017 Florida Realtors® Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 385 and for tax,property condition, environmental,and other specialized advice. Buyer acknowledges that Broker does 386 not reside in the Property and that all representations (oral, written, or otherwise) by Broker are based on Seller 387 representations or public records. Buyer agrees to rely solely on Seller, professional inspectors, and 388 governmental agencies for verification of the Property condition, square footage,and facts that materially 389 affect Property value. Seller and Buyer respectively will pay all costs and expenses, including reasonable 390 attorneys'fees at all levels,incurred by Broker and Broker's officers,directors,agents,and employees in connection 391 with or arising from Seller's or Buyer's misstatement or failure to perform contractual obligations. Seller and Buyer 392 hold harmless and release Broker and Broker's officers, directors, agents, and employees from all liability for loss 393 or damage based on (i) Seller's or Buyer's misstatement or failure to perform contractual obligations; (ii) the use 394 or display of listing data by third parties,including but not limited to photographs,images,graphics,video recordings, 395 virtual tours, drawings, written descriptions, and remarks related to the Property; (iii) Broker's performance, at 396 Seller's and/or Buyer's request, of any task beyond the scope of services regulated by Chapter 475, Florida 397 Statutes, as amended, including Broker's referral, recommendation, or retention of any vendor; (iv) products or 398 services provided by any vendor; and (v) expenses incurred by any vendor. Seller and Buyer each assume full 399 responsibility for selecting and compensating their respective vendors. This Paragraph will not relieve Broker of 400 statutory obligations. For purposes of this Paragraph, Broker will be treated as a party to this Contract. This 401 Paragraph will survive Closing. 402 19. Brokers: The licensee(s) and brokerage(s) named below are collectively referred to as "Broker." Instruction to 403 Closing Agent:Seller and Buyer direct Closing Agent to disburse at Closing the full amount of the brokerage fees 404 as specified in separate brokerage agreements with the parties and cooperative agreements between the brokers, 405 except to the extent Broker has retained such fees from the escrowed funds. In the absence of such brokerage 406 agreements, Closing Agent will disburse brokerage fees as indicated below. This Paragraph will not be used to 407 modify any MLS or other offer of compensation made by Seller or listing broker to cooperating brokers. 408- 409 Seller's Sales Associate/License No. Buyer's Sales Associate/License No. 410- 411 Seller's Sales Associate Email Address Buyer's Sales • . e Email Address 412- 413 Seller's Sales Associate Phone Number Buyer's Sales Associate Phone Number 414- 415 Listing Firm/Brokerage Fe-• ' . •o of purchase price) Buyer's Firm/Brokerage Fee:($or%of purchase price) 416- 417 g Firm/Brokerage Address Buyer's Firm/Brokerage Address 418 20. Addenda: The following additional terms are included in the attached addenda and incorporated into this Contract 419- (Check if applicable and attach the addenda): ❑ A. Additional Clauses ❑ N. Insurance ❑ W.Rentals LI B. Appraisal ❑ O. Interest-Bearing Escrow ❑ X. Rezoning LI C. As Is with Right to Inspect Account ❑ Y. Sale/Lease of Buyer's Property ❑ D. Assignment LI P. Lease Option; Lease Purchase LI Z. Seller Financing ❑ E. Back-up Contract; Kick-out LI Q. Licensee- Personal Interest in LI AA. Short Sale Approval Clause Property LI BB. VA Financing LI F. Condominium Association ❑ R. Mold Inspection ❑ CC. 1031 Exchange ❑ G. Defective Drywall ❑ S. Mortgage Assumption LI H. FHA Financing ❑ T. New Mortgage Rates ❑ Other ❑ I. FIRPTA LI U. Pre-1978 Housing Lead-Based ❑ J. Homeowners'Association Paint Warning Statement ❑ Other ❑ K. Housing for Older Persons ❑ V. Property Disclosure LI Other ❑ L. Inspections ❑ M. Insulation Disclosure(New Homes Only) Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 8 of 9. CRSP-15 Rev 6/17 ©2017 Florida Realtors® Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 420. 21. Additional Terms: 421 1.Buyer will order Title Commitment. 422 423 2. This offer is contingent upon approval by the City Commission. 424 425 426 427 428 429 430 431 432 22. Offer and Acceptance: Buyer offers to purchase the Property on the above terms and conditions. Unless this 433• Contract is signed by Seller and a copy delivered to Buyer no later than 5:00 ❑a.m. IX p.m. on 434* September 18. 2018 , this offer will be revoked and Buyer's deposit(s) refunded subject to Collection of funds. 435• 0 Buyer received a written real property disclosure statement from Seller before making this offer. 436 23. Counter Offer; Rejection: 437• 0 Seller counters Buyer's offer. (To accept the counter offer, Buyer must sign or initial the counter offered terms 438 and deliver a copy of the acceptance to Seller.) Unless otherwise stated, the time for acceptance of any counter 439 offer will be 2 days after the date the counter offer is delivered. 44o. 0 Seller rejects Buyer's offer. 441 This is intended to be a legally binding contract. If not fully understood,seek the advice of an attorney before 442 signing. 443. Buyer: Date: 444. Print name: City of Ocoee.by its Mayor,Rusty Johnson 445• Buyer: Date: 446• Print name: 447 Buyer's address for purpose of notice: 448• Address: 150 N.Lakeshore Dr.. Ocoee,FL 34761 449• Phone: 407-554-7063 Fax: Email: abutlereci.ocoee.fl.us 450• Seller: Date: 451• Print name: RKF Franklin Street Property.LLC.by its manager. 452• .sib:. Date: 453• Print name: RKF Management Company, Inc., by Clifford Roger Freeman, DVP 454 Seller's address for purpose of notice: 455• Address: 6203 Fiord Way,New Port Richey, FL 34652 45s• Phone: Fax: Email: 457• Effective Date: (The date on which the last party signed or initialed and delivered 458 the final offer or counter offer.) Florida REALTORS°makes no representation as to the legal validity or adequacy of any provision of this form in any specific transaction.This standardized form should not be used in complex transactions or with extensive riders or additions.This form is available for use by the entire real estate industry and is not intended to identify the user as REALTOR. REALTOR`Is a registered collective membership mark which may be used only be real estate licensees who are members of the NATIONAL ASSOICATION OF REALTORS°and who subscribe to its Code of Ethics.The copyright laws of United States(17 U.S.Code)forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms. Buyer( )( )and Seller( )( )acknowledge receipt of a copy of this page,which is Page 9 of 9. CRSP-15 Rev 6/17 ©2017 Florida Realtors® Licensed to Alta Star Software and ID:D1223435874.QFK1.112927 Software and added formatting©2018 Alta Star Software,all rights reserved.•www.altastar.com•(877)279-8898 ALTA CTA D John A. Robinson, MM,AI-GRS, CCIM State-Certified General Real Estate Appraiser#RZ417 I Blair Beasley State-Certified General Real Estate Appraiser#RZ3871 Aubree Robinson INC. Associate Property Valuation&Consulting www.PropertyValue.com August 19, 2018 Jack A. Butler, Jr. City of Ocoee Director of Support Services 150 North Lakeshore Drive Ocoee, Florida 34761 AButler@ci.ocoee.fl.us Re: Appraisal report of a 1,205 square foot (SF), single-family residence with a view of Starke Lake, located at 125 E. McKey St., Ocoee Orange County, FL 34761 Assessor's ID: 17-22-28-5504-07-090 Legal Description: MARION PARK L/48 LOT 9 10 11 & 12 BLK G Dear: Mr. Butler: At your request, we have completed the research and analysis necessary in preparing an appraisal report, based on the definition and in compliance with the minimum standards of the Uniform Standards of Professional Appraisal Practice (USPAP), for the above captioned property. The purpose of this report is to provide you with an opinion of market value of the referenced property, as of July 17, 2018 (date of inspection). The subject of this appraisal is a one-story, single-family residence, built in 1959, of concrete block construction and a pitched shingle roof, located on four platted lots (two buildable), with a view of Starke Lake, within the City of Ocoee. The residence contains 1,205 square feet of heated/cooled area with a one-car, attached carport with attached utility room (250 SF) and covered entry porch (70 SF, see building sketch that follows this letter). The living area was derived from measurements taken by the appraisers at the time of inspection. The residence has had some updates, is generally well maintained, and is in average condition. The subject has three bedrooms, two bathrooms, in addition to a living room, and kitchen. Site improvements include a concrete-paved driveway and below average landscaping. No items of deferred maintenance, functional or external obsolescence were observed. 204 South Dillard Street Phone(407)877-0200 Winter Garden,Florida 34787 Fax(407)877-8222 Mr. Butler August 19, 2018 Page 2 The improvements are situated on a 24,242 square foot (0.56 acre) site according to Orange County GIS figures. The site is zoned R-1AAA (Single-Family Dwelling District) by the City of Ocoee. There is no homeowners' association with community amenities. Based on the location of the residence on the four platted lots, an additional home could not be built on the site/lots unless the existing residence is razed (due to lot width and setback requirements). For this reason, we have analyzed the property: (1) with the existing residence on the four platted lots as well as (2) demolishing the existing improvements and redeveloping the site with two platted lake view lots (that can house one residence) across the street from Starke Lake, and two non- lakefront platted lots (that can house one residence) on/facing McKey Street. East McKey Street is a two-lane, asphalt and brick-paved road with street lighting, and stormwater drainage. The subject neighborhood is convenient to shopping, offices, schools, primary thoroughfares including State Road/Highway 50, Toll/State Road 408, Toll/State Road 429 and Florida's Turnpike. Additionally, the property is located one block from the City of Ocoee municipal complex and the city's Municipal Lakefront Park which provides a boat ramp, fishing dock and paved walking path. The subject's 2017 market/just value for tax purposes is $122,804. The estimated 2017 property taxes are $2,963.64 which includes a total non-ad valorem assessment of $452.33 (covering garbage collection, storm drainage and fire rescue). The 2017 taxes have been paid and there are no prior delinquent taxes. The property is under the ownership of RKF Franklin Street Property LLC and is currently tenant occupied. There have been no recorded transactions of the subject property within the past three years. The subject is not known to be listed for sale nor under contract for purchase at the time of this appraisal assignment. Market conditions in the subject area of Ocoee/West Orange County have improved during the past several years as residential values have increased. The highest and best use of the subject as improved is for continued use as a residence based on vacant lake view lot and non-lake view lot sales that were analyzed, as the lot is of sufficient size to split the property into two platted lake view lots for one residence and two platted non-lake view lots for one residence. However, the combined value of each buildable lot was less than the value of the existing residence on an oversized lot (based on the best available recent vacant land and improved sales). Comparable sales adjustment grids are provided as follows for the property Property Valuation & Consulting, Inc. Mr. Butler August 19, 2018 Page 3 as improved (on a following page), and as two vacant, platted lake view lots (below) and as two vacant, platted non-lake view lots (below). The analysis shows the values of the vacant lots is less than the value of the property as improved. Costs to demolish the improvement were derived from the Marshall Valuation Service cost manual and concluded that the cost for demolition of a single-story home between 1,000 to 1,500 square feet ranges from $3,650 to $8,000. LAKE VIEW RESIDENTIAL VACANT LAND GRID COMPARABLE SALES ADJUSTMENT GRID Subject Sale 1 Sala 2 Sala 3 Sala s Aedrsee: 125 E Mckey SI 8504 Honolulu Or 429 Lake Doe Blvd 1214 Lake Blue Lir 1524 56,SI Municipality Ocoee,FL 34781 Orlando.FL 32818 Apopka,FL 32703 Apopka.FL 32703 Clermont.FL 34711 Subdlesbr Devabpmecl Martin Park Waikiv'Beach County Landing Piedmont Lakes Clermont Damming Sunset Sale Date: Appraisal Date:4418 Jun.18 Apr-18 Jun-17 Jun-17 Sale/LeSrg/Contacl Price. $40,000 $70,000 $43,000 $00,000 Sala Price/SF: $3.10/SF 35.00/SF $7.33/SF $3.56/SF Sale PrIWFront Foot: $533/FF $930/FF $660/FF $600/FF Data SoumNaWarlkalbn Source(.) MIS&Public Record MIS S Public Record MIS&Public Record MIS&Public Record Months since closing: 0 I 0 13 13 Days On Market. 34 11 19 747 Financing. N/A Cash Equivalent to Seller Caeh Equivalent to Seller Cash Equivalent to Seller Cash or Equivalent b Seller Faancbg Adjusted Sale Price. N/A $40.000 $70.000 $43.000 $60.000 Conditions o/Sale.. N/A None None Nona None Conditions Adjusted Sale Price. N/A $40,000 $70,000 $43,000 360,000 Market Cord.one@ 5% N/A 0.41% 1.25% 5.41% 541% Market Coed.Adj.Sale Price: N/A $40,184 $70,673 $45,327 $63,247 Adjusted Sale Price/SF: N/A $3.11 SF $5.12/SF $7.73/SF $3.78/SF Adjusted Sale Prc4FF: N/A $5311FF $942 FF 59071FF $832/FF Estimated Site Size: 11.242 SF 12.923 SF Similar 13.843 SF Similar 5.863 SF $20,000 18.750 SF 420,000 SiteView: Starke Lake View Waikhl Beach Lake View $10,000 Marshall Lake $0 Blue Lake honlagedn/ericr $10,000 Lake Winona Viiew interior $15,000 Separated by StreetlAbove Sepearat d by Girl Pa0Nneror hontagebimllar Average Site Location'. Re6dential/Typial ResMentaV7ypksl Reeidentia4Typi®I Residential/Typical ReeNentlel/Typl®I Shape: Mostly Rectangular Monty Rectangular Rectangular Irregular $2,500 Rectangular Improvements: None(assumed) Noire None None None Utilities: Pubic Water 6 Septic Welt and Septic $1,000 Pubic Water 8 Saner 41,000 Pubkc Water 6 Serer .31,000 Pubic Water and Septic $0 Stale of Development Mostly Cleared Mosey Wooded $2,500 Cleared Cleared Cleared Prim Sal/Transfer. None.thin 3 years Sold on 12/26/16 to,340.000 via None WM.3 years Sold on 8/5/18 for$249,900 None nithin 3 years Warranty Deed Na Warranty Deed as Improved Access. Asphalt and Brick Road Paved Road Paved Road Paved Road Paved Road Total Net Property Adjustment, $13,500 41,000 $31,500 45,000 Total Net Adjustment%: 33.75% -1.43% 73.26% 433% Indicated Value of Subject: 30 $53,884 $69,673 $76,027 $58,247 Weighting: 15% 40% 35% 10% $5,050 327,949 $28,889 $5,825 Weighted Indicated Value. 880.713 Rounded indicated Value. 566,000 Market Value Conclualon/SF• 36.14/SF Market Value Concluslon/FF. S627 IFF Property Valuation& Consulting, Inc. Mr. Butler August 19, 2018 Page 4 NON-LAKE VIEW(INTERIOR)RESIDENTIAL VACANT LAND GRID COMPARABLE SALES ADJUSTMENT GRID Subject Sale 1 Sale 2 Sale 3 Listing 4 Address: 125E Mckey St 264 Mary St 304 E Geneva SI 1400 Samantha St 04 1641 Glenhaven Or Municipality: Ocoee,FL 34761 Winter Garden,FL 34787 Ocoee,FL 34781 Ocoee,FL 34761 Ocoee.FL 34761 Subdivieon/Deveopme t Marion Park Mary Jean Sub N/A Brentwood Heights Silver Glen Sale Date: Appraisal Date:Ju418 Jun-18 Aug-17 Jul-17 Jul-18 Sale/LIsOng/Contract Price: 527,000 $50,000 $45,000 869,900 Sale Price/SF: 06.67/SF $3.27/SF $5.00/SF $7.01/SF Sale Price/Front Fool: $540/FF $517/FF $529/FF $1,075/FF Data Source(s)/Verification Source(s) MLS a Public Record MLS 6 Public Record 30.5 6 Public Record 115 8 Pu0110 Record Months since closing. 0 1 11 12 0 Days On Market. 70 44 19 29 Financing'. N/A Cash Equivalent to Seller Cash Equivalent to Seller Cash Equivalent to Seller Cash or Equivalent to Seller Financing Adjusted Sale Price. N/A 527,000 558,000 545.000 $09,900 Conditions of Sale: N/A None None None Active Listkg 45,990 Coalitions Adjusted Sale Pnce: N/A 327,000 558,000 $45,000 062,010 Market Conditions 4% N/A 0.33% 3.66% 4.00% 0.00% Market Cond.Adj.Sale Price. N/A 027,089 060,123 $45,800 $62,010 Adjusted Sale Pnce/SF: N/A $6.69/SF 53.39/SF $5.20/SF 07.03/SF Adjusted Sale Price/FF: N/A $542/FF 5640/FF 5551/FF 5968/FF Estimated Site Site: 13,000 SF 4,050 SF $35,000 17,747 SF 410,000 9,008 SF $16,000 8,955 SF $10,000 See View ResidentleVAverage ResidenO3050ntlar ResidenlialoNoods/Sllghtly 46,000 Residential/Similar Residential/Becks to Busy $2.600 S0e Location: ReeirkrrOSlNJald ResidentleVT Superior Road/Sl5Mly Inferior rg yplcel $3,000 ReedentiaV7ypical $3.000 Residential/Typical $3,000 ReskkntiaV7 Distance of Starke YP�I 53,000 Lake/Good Shape: Mostly Rectangular Rectangular Rectangular Rectangular Rectangular Improvements: None(assumed) None None None None Utilities: Pudic Water 8 Septic Public Water 6 Sewer 42,600 Publi0 Water 8 Sewer 42,500 Public Water 8 Septic Public Waley and Sewer 42,500 State of Development Existing Musty Geared Cleared Cleared Cleared Improvements/Mostly Cleared Prior Sale/Transfer: None within 3 years Sold on S'18/17 for 523,000 Transfered on 5/20/18 via Sold on 12/16/16 for 54,300 Sold on 05/20/18 for via Warranty Deed Quitclaim Deed or minimal via Tax Deed $45,500 via Special consideration Warranty Deed Access: Asphalt end Brick Road Paved Road Paved Road Paved Road Paved Road Total Net Property Adjustment: 035,500 414,500 $18,000 013,000 Total Net Adjustment%. 131.48% .25.00% 40.00% 18.50% Indicated Value of Subject 8$ $62,609 $45,623 064,000 $75,910 Weighting: 20% 35% 30% 15% 312,618 $15,968 019,440 011,397 Weighted Indicated Value• $59.312 Less Demolition Costs 105.0001 Indicated Value $54.312 Rounded hdtcaled Value• $54,000 Market Value Conclusion/SF• $4.15/SF Market Value ConelusoniFF• $491 IFF The purpose of this appraisal is to estimate the "as is" market value of the fee simple estate in the subject property, as of July 17, 2018 (date of inspection). The intended use of the appraisal is for establishing the property's market value for acquisition purposes. It is entirely inappropriate to use this report for any purpose other than the one stated. This investigation involved a physical inspection of the interior and exterior of the property, collecting and analyzing information from the subject's neighborhood and market area as well as recent comparable sales data from the subject neighborhood and nearby areas. The sales search was made for nearby residences between 800 and 1,200 square feet of living area and for nearby lake view and non-lake view lots that sold during the past year prior to the effective date of value within or near the subject neighborhood. The appraisers analyzed the data gathered in applying the sales comparison approach under market conditions prevailing July 17, 2018. The income approach was not applied because this approach is not typically applicable for a Property Valuation & Consulting, Inc. Mr. Butler August 19, 2018 Page 5 single-family residence (on an oversized lot) as it is not usually income-producing. The cost approach was not applied due to the age of the subject property, and the difficulty in estimating depreciation for older improvements with renovations. The sales comparison approach best reflects the actions of buyers and sellers of single-family residences in this market; therefore, it has been applied in estimating the market value of the subject property. For your convenience, the comparable sales adjustment grids, as well as location maps and photographs of the subject and the comparable sales, are provided above and on the following pages. To summarize the sales comparison approach as improved, four recent comparable sales near the subject were analyzed to estimate a value for the subject property. The comparable properties selected indicate an unadjusted range of prices from $117,400 to $230,000, averaging $162,625. Due to the lack of recent sales of similar properties in the immediate area, it was necessary to use sales that were outside of the subject neighborhood but, in similar neighborhoods. The residential market is showing a trend of increasing prices during the past year; therefore, an upward adjustment of 4% was made for annual market conditions. An upward adjustment of 5% was made to Sale 4 as it was a bank owned, distressed sale. No conditions of sale adjustments were necessary as each sale was at arm's length with no unusual motivations on behalf of the buyers or sellers. Other adjustments have been applied at the estimated contributory value of the comparable property features vs. the subject's, based on estimated market reaction. Living area adjustments have been applied to the comparables on the basis of $45 per square foot. The comparable sales indicate an adjusted range of values for the subject from $114,814 to $209,575. Primary weight of 35% was given to Sale 1 and 2 as they are most similar and required least adjustments. Supporting weight of 20% was given to Sale 3 with least weight(10%) on Sale 4 as it was a distressed sale. Together, these comparable properties are good indicators of value for the subject. The applied weighting results in a value indication for the subject, "as-is", of $159,000 ($131.95 per square foot). As a result of our field investigation and valuation analysis, which is contained within our files, it is our opinion that the "as is" market value of the fee simple estate in the subject property, as of July 17, 2018, is: $159,000. The estimated marketing and exposure time is 1 to 3 months. Reliance on this report is limited to the client and the report may not be understood properly without additional information in our work files. We trust this information will assist you. It was a pleasure to provide appraisal services for you. Property Valuation & Consulting, Inc. Mr. Butler August 19, 2018 Page 6 Respectfully submitted, PROPERTY VALUATION &CONSULTING, INC. ,,,,y,t40._ if r ' John A. Robinson, MAI, AI-GRS, CCIM State-Certified General Real Estate Appraiser License No. RZ417 Property Valuation & Consulting, Inc. N 0 0 0 0 0 0 0 0 O 0 0 0) N N 0 co. co r, A N h N N N N • N N a N N N N N M O O m U.ti np O O N N CI mF 0 C 0 0 0 LL LL U m m N N O tN zm O i ' e; qOma Ze_00 -N 0 N N m m rm O co O'O m fom m v 0Hap a v m ° oUVm � 00 a LL m N N m Ul O M m N� co J 3 16,S U N U mw O- O o N O c a O O § m U F 7 a a 2 y 0 m 9 re m U U c } W co c'1 h o 0 0 0 0 0 NO h O N N N y� N N N co N O M w^, el m O me Ou. 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Dma'cOc 22--27,t.201<7,1-0,,i0 mm m m W Z Z t C 22 £ ccvxYm> wCO a ovooama a > >mmmm o c c o o m `v m m>e o` mAa a ���mo2LLLLUU22aw - n »# _0 < 0 a 1-H =3 1 SUBJECT PROPERTY COUNTY TAX RECORD 125 E Mckey St 17-22-28-5504-07-090> * m*J [ fart Mt SENO -- =.5.VCal Street Address - Wcf Franklin Street Property LLC 125E Mdcey St • I ak.1 o r tu• , Nrr, NNOrr, k pr ta ea - `l and Zie.de CF'— 19544 County Road 33 Ocoee,Fl 34761 °o II � Groveland.FL 34736-9521 : n� •�* aper.,•Use -eccVa:r A_- 0103-Si le Earn Classil ® Ii ManidPairisr** jj Ocoee 10� View 2017 Property Record Card fValues, Exem tions and Taxes Sales Anal sis Location Info Market Stats Update Informatics Property Features P y 2018 values will be available in August of 2018. Property Description Vire Plat MA.R:ON PARK L,48 LO-5 91011&1I'BLK G Total Land Area 24,242 net(•/-) 036 saes?.1-) GIS Ca'co'ated Notice Land Land Use Code Zoning Land Units Unit Price Land Value Class Unit Price Class Value __::-_ - 111111 t er, 0000 ,.;c - .-_rte.. '.•.C•(r— ...'..- -' „L 1 total recores Buildings View Ocoee Permits Important Information Structure Model Code .1-Srg a Farr Resider ce Actual Year Built: _r.r Gross Area: 1562 soft Type Code 0103-Single Farr Class la Beds: 3 Living Area: 1175 soft n'"1" Biaidkrg Vaasa world rg- Baths: __ Exterior Wall: Concrete/Cinder Black Estimated New Cost woncirg-. Floors Interior Wall: Drywall Page I.of 1 1 tots records) Extra Features Description Date Brest Units XFOB Value Sliflti4-Shed No Vsue :1/01/2021 _ - Page i of 1(itotti records; Parcel Sales History Sale Date Sale Amount Instrument 4 Book/Page Selier(s) Buyerts) Deed Code :22112i2011 5100 201031:3627 10008/4028 Freeman Cifrord Roger Rkf Frankrn Street Property LLC Quitcia!m Deed © : ed 05/211+2004 1100 20090333482 091106/1357 Cross Spencer C Estate Freeman Clifford Roger Personal Representative's Multiple O :mproved— Property Valuation & Consulting, Inc. 1 SUBJECT PROPERTY COUNTY TAX RECORD Historical Value and Tax Benefits ® 2017 Tax Breakdown Tax Year Values Land BuilcUngts) Feature(s) Market Value Assessed Value -- 2017 ri cm 53D,CDC - 572,804 - 5) = 5:22.804 S122,804 2016 El c= 53D,DDC - 570,708 - 5) = 5:20.70E 5115,565 2015 ez i= SID DDC.: - 567,128 - SD = 5117,128 5105,059 MIN 2014 1151 Cli 537,DDC - $45,508 - SO = 595,508 595.508 MINN Tax Year Benefits Tax Savings MEI 2917 12 SD 2016 12 1$1 556 2015 ca i$1 $133 2014 ci SD 2017 Taxable Value and Certified Taxes (I) TAX YEAR I 2017 . 2016 . 2015 . 2014 Taxing Authaiity And Value Exemption Tax Value Millage Rate Taxes% P.o :S.-.-::: E. D-FE-_5• •-•"•5 5:2:3)• SO S122 3:- -222 D , 5518.48 23% Public Schiooku By Inca:Beard 5122,804 SO 5122,804 3.2480 Amid 831111.87 18% Orange County r.Generro 51221304 SO 5122.804 44347 ow ' 5544.60 24% ay a Mose 5122804 SO $122,804 54546 (-axial $694.411 31% Lary-°peat rg Budget 5122,804 SO 5122,804 0.3748 T..../, 546.03 2% 2 Mrs WNW litonmornet Disbrict• S122,001 $0 $122,804. 32724 (-um 533.45 1% 18.2065 52.235.84 2017 Non-Ad Valorem Assessments Levying Authority Act.. roent Description Unit, Rate Assessment 44C,E3 __-_:-- .,==E:.,,..: : _._• :. $252.00 O.OCOSE 9440 SLOO 599.00 09 OCOEE 2,2C.E3...,.E :35C-,.A- ,27.:933-317: 101.33 51.00 5101.33 $452.33 2017 Gross Tax Total: $2,688.17 (I) 2017 Tax Savings Tax Savings Your property taxes,.'.-.:...t exemptions would be $2,235.84 Your ad-valorem property tax with exemptiors is: - 52,235.84 Providing You A Savings Of: = 50.00 Property Valuation & Consulting, Inc. .......— --- - . Subject Aerial/Tax Map OCPA Web Map 444r,R,.1. ----olppgeeRoo r—i RYYtlwnai I I` .~i e A at*• g I ItMir a.- o,.MteM Elf ecxkAe 0.,.FMtM nisei AW S IlC.dbn LA1x♦1 Nr7 i LAt.plkt+ U � (((„��,!:.,11,3Z111.1" R71W! 3fjL?T' GMN iHkbr . .-t. .. :Abel Rakelk 211•11U/Is ®M11Lnl"''' 1 - ...i 4yQ•e IWO% 31 to hos.fYOVH .30133 Jr a, s.kye,..kkP.t. ., 'ol i<ea .• ;oral-1E161 Linen InAMbO' n N.re Lara @.eltl./U..r.Nr 111.0 h.eN DfA.enYl V liAlfit-, g , ,..„,..-Nity , ......06. . ., , «.-..�.__.`_._. .',^,+ ate",. t '3 1b , •. 1 1 It + .,tl d 3U 1 aU i a.l Y ■ 1 1 r 1 . 1 , • -: IW i 1 . J k 1 y . i 1 AI..+.�� ,.. D sk- -.‘ -F . .- 11 i i 1 .„._ ._, t -----L.- 1 ; . ; , , I • . c AAAA. .yd ! s 1 ti, i J . i 1 1 , 0 Xr , e L, f7 fE •r; 1 1 i tt I t1 1 6 t ' ._..._t_. 1 ,o, ♦..► lf... k w i` � rt ©,L /' SIT flat . 'A : 1T+�ii env r ,• - .r.,•-c -,,,^L..31, IS-CI 3 SJNay Property Valuation & Consulting, Inc. Flood Map C RiskMeter 125 E MCKEY ST OCOEE, FL 34761 LOCATION ACCURACY: Flood Zone Determination Report Flood Zone Determination: OUT PANEL DATE September 25.2009 MAP NUMBER 120950210E 1. 1. .i '` X500 or B Zone {I, •r. 1. A Zone 1 V Zone . 2„ "4 ):,,,..J ' w sdYP;s ai as "`r D Zone 4 i .._,. ... `i E►oodway -'• -54--- '* ♦ BRA ,use • , s ',. •- \ .• r. Y . ilk.' l _.. te, 16 ... � Y , i r r �_ t Google _ k...-----4---1- � ;,: Property Valuation& Consulting, Inc. Building Sketch 47.2' 11.2 Master Bath Closet Master Bedroom Bedroom Kitchen Dining [30.64.5q ft] First Floor :1204.38 Sq ft: ih Living co Bedroom '-41 Car Attache< Bath :249.76 Sq ft: Foyer 47.3' 17.6' v I Entry A (,,,.-1 1111.1 17.5 11,2 4w Cdnhitn.*San..r, LngAa .. t v... A.S.4.3 - 1.^::.n Dl.ELS•Dl 'a1N Yana Arms 1,11.undad}: 1-`DS Sa It 14mMa s a t. 5qt 21.3.11) It.sot 17.1.4 - >".. W 94wt 1.1.[I.7 - wr i Property Valuation & Consulting, Inc. Subject Photos stet front 125E McKay St .. t Subject Rear subject Street id! ..-r,.fisifiaiiimaleftwomeo.. .. -- Property Valuation & Consulting, Inc. I Subject Photos 4 A C 7 l r� 11111/4 Entry Porch Soffit Damage r s I 1,-, 1-Car Carport Attached Utility Room 111 v la Ipli Foyer living Room Property Valuation & Consulting, Inc. Subject Photos ♦ • , • l ' ' , MilIlijk ro 4 • Dlninp Room IgttON 0. IP • ... ; 1'--- Bedroom 2 Bathroe 2 k 40 �! Bathroom 2 Bedroom 3 Property Valuation & Consulting, Inc. Subject Photos 1 tole • • Master Bedroom Master Bathroom 4111111 01,• • Attic Access In Hallway Exterior 114 4 4 Back Yard take View a Property Valuation & Consulting, Inc. Lake View Comparable Land Sales Aerials op- er..... -r to : 1!F , • 24 pii a ie„ a 4 A , P ,,,,,, , .,• o is �a j in OP \ 4 `0 iy. 5E { f i♦ ee R , - 5. . a h. ori— S ` / \s \•\ R�'K"+.�.+'�.tet ,`Cf ' j m W Eswta' \j ul Sale 1: 8504 Honolulu Dr., Sale 2: 429 Lake Doe Blvd., Orlando,FL 32818 Apopka,FL 32703 ,. -. 1 ' 305 a�—=i, \,`>,�, 4ios ` 109 37 5 5..111 f Alg ^ 20 I .111(6,.;t-,,,1,,,,,,,. as b © s' ,t " a , /'p I..-- ,. ate 6" 0./S' s 1,9MAM, CIRC A Q A '7, i-Vir4;30 Aff4L • . 10 21 � -15'"V2' ti y� i . '' ? e 1 7�'I r^ , 30 ', 30 30 30 150 ' {} ! t • Q , Sale 3: 1214 Lake Blue Cir., Sale 4: 1524 5th St., Apopka, FL 32703 Clermont,FL 34711 Property Valuation & Consulting, Inc. Lake View Comparable Land Sales Map Hams Lane Pak. Eilw,orth caYeergaraafi t., r ,_ r Junction : 15 m, ,.;.e, N e Heathrow,. 431k La e ,� _ 0B Tangerine Bay Ridge - i r _ Lake Jem '." -� *'r X437 Wekiwa _'e •..,.. .. Springs ) .{/J'. State !*�!' .F • t © } 429 Lake Dae Blvd x roe 435 Park 1' r, r ,,.. . ... Apopka,FL 32703 les. •Welch Rd , .. 4. Longd oil E Orange 1 Sale 3 x gwood Blossom . 'ymou `— 1211 Late Blue Cr - 18. I .— Apopka,FL 32703 lando Springs 4d5� Neawy Heigh �' 1 0 Apopka 4 E Forest amontey r� o t:as$B Clay Ma-� , South Apopka ti : Orients Gardens -*%''N L ;rte Top Fern Park Sugarloaf Mountni 414, Riverside Lake Apopka �Pieamont.•..1. Acres a2'.. 414 561A Paradise Heights o's,, Beggs Rd `Lockhart ,Ma4land Subject x ClaroonaLi 424 43". Eatonville 125E McKey 5t Il Mortverde` Ocoee,FL 34761 Sale 1 x Fahview Alo Sale 4 X 1 8504 Honolulu Dr .Shores nlIRnter Pa Lake 1524 5th St Junction Crown Point Orlando,FL 32818 D A 17 mian. Clermont,FL 34711 Winter �t1y 5135A rde Junction Garden I, C)coee Pine 'College Park Reavills Corner 0' GaMatld , Tildenville -I ClermorfQ 50 430 50 © � 50 Orlando Executive Airport Castle Hill �-'` - Q,, '� 526 -x4, on •r • Lake Beulah _�� �Z��777N R A f.l F.. Mm4114ha 27 it Harlem • ) it yY South Heights • 4273 -552-- aermont� Orange ' T /'.;� - •' 435 W41 MEM 581 Mountain -'T,.',,, --a -1-' 9 a )". i— r : w -- .. n Heights''. • Windermere. Irl Summ535 Beach V"."3...';°` 508 Conv Lake Louisa Lake Cain Bay Hill Hills Oak Ridge Pine Castle 439 Bete Isle Doctor Tangelo Park 17 Lake Phillips„ - 4s2 Sky Lake n Property Valuation & Consulting, Inc. 1 Non-Lake View (Interior Lot) Comparable Land Sales Aerials 81 51 4 i'; ' n — fa 100 u_ V -Q e, 4 . 5 G1 Q 5~ 3 '$ 6 f1 n 6 t - 4- X 7434 7a,] 9 100 to_ _ R ..__.. i I-mi R g { e •tri s f B 7 81 ( F. 8 g e i 8 n0ni e1 i Sale 1: 264 Mary St., Sale 2: 304 E. Geneva St., Winter Garden, FL 34787 Ocoee, FL 34761 7""T 4 4 ; 30 4 . - -- ‘4 Q 1 '--..--- e. --W L. q ti e ' $ n /� ,.•e15 I r#"^-�,.- s' r ,io ' V 8 •r 13 1 , Sale 3: 1400 Samantha St#4, Active Listing 4: 1641 Glenhaven Cir, Ocoee, FL 34761 Ocoee, FL 34761 Property Valuation& Consulting, Inc. Non-Lake View(Interior Lot) Comparable Land Sales Map 3rd Ave Licaris`' Lake Meadow i il __ E Fullers Cross Rd d 5th Ave r A �kn O �,9 Q ° }t Prairie �'�I O m Vignetti Park 40y D `0 2 Lake =ullers Cross Rd -- Gown ��` 12th Ave P ne Dr Q '�1 ' to sa- V Poxd - 1 f „ Rd _ c' tdge _ �Y p6 o _ a 15th Ave a 4Sr e a St an y d t -- __ O rn J — rtt 17th Ave l 3 ,�� $ �` i (-_.. ail Dr r� i 0 7 /1"I. I. D —Al, n i. 1400 5amanthe St Active Listing 9 m %' • Ocoee,R 34761 Spring Lake 1641 Glenhaven Cir Crown Point Cross Rd, 2 .E m M. Ocoee,R 34761 Mobile Ln O 5 b co Sale 1 %' Ii 9K a V 264 Marys t,r vygtt''s Center St ,,, x V L'k° " _,StMer Ste Writer Garden,FL 34787 = _ ��, - / n _ ii on St E 125E McKey St E Silver Star Rd s7e E Silver Star 4' Greywalt As Ocoee,R 34761 P t St 427 4It Ocoee )40 { Winter Garden nCe Starke Lake ' ff �' m�(� a3 En J �e j ll % !.eke 438 ) ,w @ ~�, 1 J riXvh:e s Lake ll in �_ a . — ti o community . MaXey L''' yak 2 - fl. X ,e Ceraer_ - J 4?O 309 Geneva R E 2 Maple St E -- Enterprise St Orlando Ave Ocoee,FL 39761 le Rd m---1i �,.- 3 la Ave 1 N Capitol Ct v n 430 Geneva ti E D _______ ._.. Balboa 7 ry Rd 5 o Rd Story I, d� Ocoee Cemetery 4-----0�� • ''',_.-is i , J I '� goke�-7, Maine St r II l n— I 1-- Byerlg Lake Berg 9 c. W Colonial Dr —_ "r ' , =` Z 50 o ° W ColoniaFJr 58 t ' f � �'. Lake LaNa m ° ° Old Winter Garden Rd 520 Property Valuation & Consulting, Inc. i Improved Comparable Sale Photos s. frk v t.. 'M. ‘.' * ' , i , ' �`; - Illiii�����` . - - Ili Sale 1: 8306 Honolulu Dr., Sale 2: 8408 Honolulu Dr., Orlando,FL 32818 Orlando, FL 32818 wI rNv •a ` , I': yi Sale 3: 604 E. Silver Star Rd., Sale 4: 1021 Caballero Ct., Ocoee,FL 34761 Ocoee,FL 34761 Property Valuation & Consulting, Inc. Improved Comparable Sales Map Pwk- m m mare rare ° n ,..' 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I`�',°;, P'f '+iy Crystal 51 1�^lI�� fL.:.al�C ,1! il ! ='"�l �'^ Property Valuation & Consulting, Inc. 1 QUALIFICATIONS OF JOHN A.ROBINSON,MAI,AI-GRS,CC1'11 Page 1 State-Certified General Real Estate Appraiser#RZ417 mil it tint,, Business Address: Residence Address: Property Valuation&Consulting.Inc. 800 Windererove Court 204 S.Dillard Street,Winter Garden.FL 34787 Ocoee.Florida 34761 (407)877-0200 Fax:(407)877-8222 Education Auburn University-Auburn_Alabama BS in Business Administration.Major:Finance.December 1982 Melbourne High School-Melbourne.Florida Appraisal courses sponsored by JAAO: Course 300-Fundamentals of Mass Appraisal.Orlando.FL.May 2016 Course 201-Appraisal of Land.Lake Mary.FL.August 2016 Appraisal courses sponsored by The Appraisal Institute: Course 1A.Part 1 -Real Estate Appraisal Principles.Univ.of North Carolina.July 1984 Course 1A,Part 2-Basic Valuation Procedures.University of San Diego.June 1985 Course 1B,Part A-Capitalization Theory and Techniques.Orlando.Florida.May 1986 Course 1B,Part B-Capitalization Theory and Techniques.Daytona Beach.Florida.September 1986 Course 2-3-Standards of Professional Practice.Orlando.Florida.March 1987 Course 2-1-Case Studies in Real Estate Valuation.Orlando.Florida.May 1987 Course 2-2-Valuation Analysis&Report Writing.Arizona State Univ..February 1988 Comprehensive Examination-Atlanta.Georgia.August 1988 Course 6-Computer Assisted Investment Analysis.College Park.Maryland.June 1990 Course 11520-Highest&Best Use and Market Analysis,Orlando.Florida_March 1994 Course 430-Standards of Professional Practice,Part C.Orlando.Florida.Sept. 1997 Course 430-Standards of Professional Practice.Part C,Altamonte Springs,FL.Nov.2002 Condemnation Appraising:Principles&Applications,Destia,FL,April 2009 Review Theory-General Orlando.FL May 2014 Courses sponsored by the CCLM(Certified Commercial Investment Member)Institute: Course CI 101-Financial Analysis for Commercial Real Estate.October 1997 Course CI 201 -Market Analysis for Commercial Investment Real Estate.May 1998 Course CI 104-Investment Analysis for Commercial Investment Real Estate.May 1999 Comprehensive Examination—Orlando.Florida.November 1999 Courses sponsored by CoreLogic Marshall&Swift Commercial Cost Approach Certificate.May 2016 Courses sponsored by the American Society of Farm Managers and Rural Appraisers: Valuation of'Conservation Easements'&Other Partial Interests in Real Property.September 2009 Appraisal seminars sponsored by The Appraisal Institute(and South Florida Water Management Distnct) Rate ExtractionApplication-July 1989 Impact of Environmental Considerations on Real Estate Appraisals.July 1989 Standards of Professional Practice Update.July 1990 Appraisal Regulations of the Federal Banking Agencies.November 1990 Environmental Concerns.September 1991 Subdivision Anahyis.November 1991 Property Valuation & Consulting, Inc. al111111 QUALIFICATIONS OF JOHN A.ROBL`SON,MAL 1I-GRS,(CBI Page 2 aih.l State-Certified General Real Estate Appraiser#RZ417 i;,rin lr' tl I tl I Standards of Professional Practice.October 1992 Americans with Disabilities Act.February 1993 Rates.Ratios&Reasonableness.February 1993 Appraisal Review Overview.August 1993 ?GUS Beginning Training.October 1993 appraising Troubled Properties.November 1993 Limited Appraisal Round Table.June 1994 Uniform Standards of Professional Appraisal Practice Update*.June 1994 (Instructed for Lincoln Graduate Center) HUDTHA Training Session.November 1994 Principles of Appraisal Review*.January 1995(Instructed for Lincoln Graduate Center) Analyzing Operating Expenses.March 1995 Fair Lending and the Appraiser.June 1995 Farm and Land Appraisal*.June 1995 (Instructed for Lincoln Graduate Center) The Internet and Appraising.February 1997 Understanding and Using DCF Software:A Comparison of ARGUS.PROJECT and DYNALEASE.December 1997 USPAP Update Core Law For Appraisers.February-1998 Econometrics.June 1999 Public Market for Real Estate.June 1999 General Appraiser USPAP Update.June 1999 Client Satisfaction RetentionDevelopment.June 1999 Technology Forum.June 1999 Appraising from Blueprints&Specifications.February 2000 Current Appraisal Issues in Flonda(South Florida Water:Management District).May 2000 Professional Standards USPAP Update Tlorida Law for Real Estate Appraisers.August 2000 Florida State Law and USPAP Review for Real Estate Appraisers.Apnl 2002 Appraisers and the Gramm-Leach-Bliley Act.April 2002 Mark-to-Market-The Next FIRREA.April 2002 Current Appraisal Issues in Florida(South Florida Water Management District).May 2002 Internet Appraisal Research and the Florida Appraiser_May 2003 2003 South Florida Water Management District Appraisal Seminar.May 2003 Appraising A Proposed Property.February 2004 Florida Appraisers State Law Update.March 2004 Course 400—National USPAP Update Course.March 2004 Uniform Standards for Federal Land Acquisitions.March 2004 2004 South Florida Water Management District Appraisal Seminar.May 2004 Real Estate Finance.Value and Investment Performance.February 2005 2005 South Honda Water Management District Appraisal Seminar.May 2005 Subdivision Valuation:A Comprehensive Guide to Valuing Improved Subdivisions.February 2006 2006 South Florida Water Management District Appraisal Seminar.April 2006 2006 Scope of Work and the New USPAP Requirements Seminar.June 2006 2006 New Technology for the Real Estate Appraiser:Cool Tools Seminar.June 2006 Florida Core Law and National USPAP Update.September 2006 Business Practices and Ethics.May 2007 2007 South Florida Water Management District Appraisal Seminar.May 2007 USPAP Update Course including Florida Law and Supervisor-Trainee Roles&Relationships.April 2008 2008 South Florida Water Management District Appraisal Seminar.May 2008 Course-I400—National USPAP Update Course.July 2010 Property Valuation & Consulting, Inc. l 11111 I1 QUALIFICATIONS OF JOHN A.ROBLCSON.MAL AI-GRS.CCL\I Page 3 State-Certified General Real Estate Appraiser#RZ417 \I U tl +,i1< Florida Law and SupervisorTrainee Roles&Rules.July 2010 Uniform Standards for Federal Land Acquisitions:Yellow Book.February 2011 Appraising the Appraisal.January 2012 Business Practices and Ethics.March 2012 Fundamentals of Separating Real Property.Personal Property and Intangible Business Assets.March 2012 Tnal Components:Recipe For Success of Disastd'.August 2012 USPAP Update Course.November 2012 Marketability Studies: The Six-Step Process and Basic Applications,March 2013 Marketability Studies:Advanced Considerations and Applications.March 2013 Front of the HouseBack of the House.April 2013 Central Florida Real Estate Forum-The Road to Recovery_September 2013 Critical Thinking in Appraisals.January 2014 Introduction to Land Valuation.April 2014 USPAP Update Course_September 2014 STDB Hands-On Presentation Training Course.August 2015 USPAP Update Course_July 2016 Business Practices and Ethics.March 2017 Central Florida Real Estate Forum.October 2017 Solving Land Valuation Puzzles.February 2018 USPAP Update Course.April 2018 Real Estate Experience 2000- President Property Investment Specialists.Inc_.Winter Garden.FL 1994- Founder and Former President.Property Valuation&Consulting.Inc..Orlando.FL 1991-1994-Vice PresidentSenior Review Appraiser.First Union Corporation.Orlando.FL 1990-1991-Appraisal Review Officer-Southeast Bank.V.A..Orlando.FL 1986-1990-Senior Appraiser.SEMCO Services_Inc..Orlando.FL 1985-1986-Appraiser.Pardue.Heid.Church.Smith&Wallet Inc..Orlando_FL 1983-1985-Appraisal:Property Manager,Shemll Realty Company.Pensacola.FL Appraisal experience includes narrative and form report writing and review of single-family and multi-family residential.agricultural_commercial(office.retail.hotels'motels).industrial,special purpose and vacant land properties Experience includes providing expert witness testimony. Publications "Scope of the Appraisal - A Practical Analysis". The Appraisal Journal. January 1992. The Canadian Appraiser_Winter 1993 Professional Affiliations and Memberships Member Appraisal Institute(ALAI Number 8135) Certified Commercial Investment Member(CCDM Number 9080) Member JAAO(International Association of Assessing Officers) State-Certified General Appraiser.License No.RZ417 Licensed Florida Real Estate Broker Salesman-Active Status 1991 and 1993 Young Advisory Council-Appraisal Institute Florida General Appraiser Instructor.License No.GA1000019 Former Instructor for Lincoln Graduate Center.San Antonio.Texas Approved Instructor for Valencia College Adult Ed.(RE.Appraisal).Orlando.Florida Property Valuation & Consulting, Inc. aIIIIIIi QU ALWIC.a TIONS OF JOHN A.ROBINSON.MAL AI-GRS.CCL 1 Page 4 460+".1+*d+ State-Certified General Real Estate Appraiser#RZ417 �+v a 4,n: Selected as Special Magistrate for Orange County(1994-1996. 1998. 1999 and 2001-2007. 2009-2014). Seminole County(1997-2000.2002-2003,2006.2010-2011.and 2017).Volusia County(1999-2009 and 2017).Brevard County(1999-2012,2014),Indian River County(2004-2007),Citrus County(2005.2006. 2008-2009.2013 and 2017),Hillsborough County(2008-2014 and 2017),Pinellas County(2008-2014 and 2017),Osceola County(2014),Esc ambia County(2012),Polk County(2013-2014 and 2017).Pasco County (2013-2014).Hernando County(2012).Sarasota County(2017)and Okaloosa County(2010-2011.and 2015) References Available upon request Property Valuation & Consulting, Inc. Appraiser License RICK SCOTT.GOVERNOR KEN LAWSON SECRETAR' STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION si r FLORIDA REAL ESTATE APPRAISAL B0 _ tr , uceN se NUMecR ti 1 t# RZ4t7 The CERTIFIED GENERAL APPRAISER • Named below IS CERTIFIED Under the provisions of Chapter 475 FS "'` Expiration date NOV 30.2016 0 ,;r.y►. ROBINSON JOHN ALAN .y,� 204 S DILLARD ST •z. WINTER GARDEN FL't4787 .—.1.15. �.,41: ' • CI ISSUED 113i12.201e DISPLAY AS REQUIRED BY LAW sic. .te 0120002,. Property Valuation & Consulting, Inc. CERTIFICATION We certify that,to the best of our knowledge and belief: The statements of fact contained in this appraisal report are true and correct. The reported analyses,opinions, and conclusions are limited only by the reported assumptions and limiting conditions,and are our personal,impartial,and unbiased professional analyses,opinions and conclusions. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction of value that favors the cause of the client, the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of the appraisal. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics&Standards of Professional Appraisal Practice of the Appraisal Institute,which include the Uniform Standards of Professional Appraisal Practice and the regulating agencies governed under FIRREA. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. John Robinson, MAI, AI-GRS, CCIM has made a personal interior and exterior inspection of the property that is the subject of this report. Aubree Robinson provided significant real property appraisal assistance to the person(s) signing this certification. As of the date of this report,John A. Robinson, MAI, AI-GRS, CCIM has completed the requirements of the continuing education program for Designated Members of the Appraisal Institute. We have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report,within the 3-year period immediately preceding acceptance of this assignment. \)tifiv_ L41440„,3 J John A.Robinson,MAI,AI-GRS,CCIM, State-Certified General Real Estate Appraiser,License#RZ417 August 19,2018 Property Valuation& Consulting, Inc. GENERAL ASSUMPTIONS 1. The legal description provided and used in this report is assumed to be correct. 2. The property, as described in this report, and the areas and dimensions as shown herein, are assumed to be correct. 3. We have not made a survey of the property and assume no responsibility in connection with such matters. Any maps or plats reproduced and included in this report are intended only for the purpose of showing spatial relationships. They are not measured surveys or measured maps, and no responsibility for cartographic or surveying errors is made. 4. No title search has been made and the reader should consult an attorney or title company for information and data relative to property ownership and legal descriptions. It is assumed that the title is marketable. 5. Information and data furnished by others is usually assumed to be true, correct, and reliable. When such information and data appears to be dubious, and when it is critical to the appraisal, a reasonable effort has been made to verify all such information; however, no responsibility for its accuracy is assumed by the appraiser(s). 6. All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. 7. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that would render it more or less valuable. No responsibility is assumed for such conditions or for engineering that may be required to discover them. 8. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. 9. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defined, and considered in the appraisal report. 10. It is assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. Property Valuation & Consulting, Inc. GENERAL ASSUMPTIONS (CONT.) 11. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted with the report. 12. We do not have the expertise to determine the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction, or otherwise present on the property. We assume no responsibility for the studies or analyses that would be required to determine the presence or absence of such substances or for loss as a result of the presence of such substances. The value estimate is based on the assumption that the subject property is not so affected. 13. The Americans with Disabilities Act (ADA) became effective January 26, 1992. The appraiser(s) has not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraiser(s) has no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. 14. We have provided an Appraisal Report, intended to comply with the reporting requirements set forth by the Uniform Standards of Professional Appraisal Practice (USPAP) for an Appraisal Report. As such, the report presents only summary discussions of the data, reasoning, and analyses used in the appraisal process to develop Property Valuation & Consulting's opinion of value. Supporting documentation concerning the data, reasoning, and analyses has been retained as a part of our work papers. The depth of discussion contained in the report is specific to your needs as the client and for the intended use as stated. Property Valuation&Consulting, Inc., is not responsible for the unauthorized use of this report. EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS: NONE. Property Valuation & Consulting, Inc. GENERAL LIMITING CONDITIONS 1. We will not be required to give testimony or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have previously been made thereof. 2. Possession of the report, or copy thereof, does not carry with it the right of publication. It may not be used for any purpose, by any person, other than the party to whom it is addressed without the written consent of the appraisers, and in any event only with proper written qualifications and only in its entirety. 3. The distribution of the total valuation in this report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research, or investigation. 5. Neither all, nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which he is connected, or any reference to the Appraisal Institute or to the MAI or SRA designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication without the prior written consent and approval of the undersigned. 6. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing "General Assumptions", "Extraordinary Assumptions", and "General Limiting Conditions." Property Valuation& Consulting, Inc. MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; Both parties are well informed or well advised and each acting in what he considers his own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in U.S. dollars or terms of financial arrangements comparable thereto; and The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.' 'Financial Institutions Reform,Recovery,and Enforcement Act of 1989("FIRREA") Property Valuation& Consulting, Inc.